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Sugarloaf tops $10 million in real estate sales

CARRABASSETT VALLEY, MaineSugarloaf’s real estate agency, Mountainside Real Estate, recently announced that it is on track to end the year with more than $10.3 million in sales, despite the recent downturn in the real estate market. The $10 million represents a total of 47 new sales in 2009.

“It’s extremely encouraging for us to have reached that $10 million mark,” said Jeff Kennedy, Mountainside Real Estate’s Designated Broker. “It shows that even in a sluggish economy people are still interested and they’re still investing in our area.”  

Sales were strong for Mountainside Real Estate during the summer months, which included the agency’s best July numbers since 2006. Year-end sales were boosted by strong numbers in November and December, one of several encouraging signs that the real estate market is beginning to recover, Kennedy said.  

“Our numbers from November and December are roughly on pace with what we saw in 2007,” Kennedy said. “Our average sale prices are beginning to creep back up, and we’re seeing increased interest and activity from prospective buyers. Sales numbers during this time of year are typically key indicators of what we can expect for interest during the winter season.” 

Sugarloaf saw the completion of six new townhouses in the Fall Line development over the summer, all of which were sold prior to completion. The entire Fall Line development is now occupied, and new units are expected to be built during summer 2010.  

“The demand is clearly there,” Mountainside Broker Carol Mahany said. “All of the new Fall Line units were sold even before they were finished, and the developers are wishing that they had built more last summer.”

While ski-in ski-out properties remained the primary focus from prospective buyers, Mountainside has seen continued interest in off-mountain homes, hotel quarters and golf course properties, and recently closed on two homes located along the Sugarloaf Golf Club. 

“Even though the market has been slow in general during this past year we have continued to see great interest. Sugarloaf is still a resort that people are drawn to, and it’s a good time to buy,” Kennedy said. “It’s clear that we’re bouncing off the bottom, and if you’re looking for a deal now is the time to act because you’re not going to find it a year from now.”  

Mountainside Real Estate recently launched a new web site to bolster the agency’s marketing efforts – www.sugarloaf.com/realestate, which features a new search function to easily find current property listings and photographs, as well as information about the mountain and the Sugarloaf community for potential home buyers.